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The comparative balance sheets for Tamarisk Corporation appear below: TAMARISK CORPORATION Comparative Balance Sheet Assets 2022 2021 Cash $43,000 $32,700 Accounts receivable (net) Prepaid insurance
The comparative balance sheets for Tamarisk Corporation appear below: TAMARISK CORPORATION Comparative Balance Sheet Assets 2022 2021 Cash $43,000 $32,700 Accounts receivable (net) Prepaid insurance 99,000 70,000 26,500 19,400 Land 18,000 45,000 Equipment 79,000 63,500 Accumulated depreciation (19,800 ) (7,100 ) Total assets $245,700 $223,500 Liabilities and Stockholder's Equity Accounts payable $17,600 $7,500 Bonds payable 29,700 16,500 Common stock 143,000 111,000 Retained earnings 55,400 88,500 Total liabilities and stockholder's equity $245,700 $223,500 Additional information: 1. Net loss for 2022 is $13,000. Net sales for 2022 are $270,000. 2. Cash dividends of $19,700 were declared and paid in 2022. 3. Land was sold for cash at a loss of $2,500. This was the only land transaction during the year. 4. Equipment with a cost of $19,900 and accumulated depreciation of $10,800 was sold for $5,300 cash. 5. $14,100 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $34,000. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000). Do not leave any answer field blank. Enter O for amounts.) Net Income/(Loss) Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Disposal of Plant Assets Increase in Accounts Receivable Increase in Prepaid Insurance Increase in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Proceeds from the Sale of Equipment Proceeds from the Sale of Land Net Cash Provided by Investing Activities Cash Flows from Financing Activities Retirement of Bonds Payable Payment of Dividends Issuance of Bonds Payable Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities Purchase of Equipment through Issuance of Common Stock $ $ -13000
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